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in excess of US$250 million

posted on Oct 30, 08 04:29PM

October 30, 2008

Consolidated Thompson Provides Update on Financing Discussions

TORONTO, ONTARIO--(Marketwire - Oct. 30, 2008) - Consolidated Thompson Iron Mines Limited (TSX:CLM) ("CLM" or the "Company") is pleased to announce that it has received additional term sheets from interested banks and financial institutions for a debt facility.

To date, CLM has received term sheets for debt facilities in an aggregate principal amount in excess of US$250 million. The Company anticipates shortly finalizing the banking syndicate and consortium and proceeding with formal due diligence and documentation immediately thereafter. CLM expects to complete the debt facility early in 2009.

On Monday CLM announced that they have obtained the final outstanding permit enabling the company to move ahead in the building of the spur rail line. Bloom Lake is one of the largest, lowest cost independent iron ore project in development. The project is projected to require relatively low capital costs and commence production by the end of the third quarter 2009. Consolidated Thompson currently projects to produce 8.0 million tonnes of 66.5% Fe iron ore concentrate annually at Bloom Lake with some expansion potential. Using a revenue price assumption of US$71.09/tonne, Consolidated Thompson projects to generate, over the next 20 years, an undiscounted pre-tax Cash Flow of US$6.8 billion, a Net Present Value at 10% of US$ 2.3 Billion (pre-tax) and forecasted yearly pre-tax Cash Flow exceeding US$360 million. Please see September 29, 2008 press release for details regarding the updated feasibility study on the Bloom Lake project.

About Consolidated Thompson

Consolidated Thompson Iron Mines Limited is an exploration and development company. The Company has approximately 119.1 million shares outstanding and trades on the TSX under the symbol CLM. Further information can be accessed at the Company's website at www.consolidatedthompson.com.

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